Please help with answering the trial balance, the income statement, the retained earnings statement, balance sheet, and post-closing trial balance. Thank you for any help in advance!
After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2018, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2018) follows. Credit Debit $ 38, 464 12,718 2,645 1,920 3,040 8,900 22,800 o ooo 63,000 No. Account Title 101 Cash 106 Accounts receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 Office equipment 164 Accumulated depreciation Office equipment 167 Computer equipment Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 307 Common stock 318 Retained earnings 319 Dividends 403 Computer services revenue 612 Depreciation expense-Office equipment 613 Depreciation expense-Computer equipment 623 Wages expense 637 Insurance expense 640 Rent expense 652 Computer supplies expense 655 Advertising expense 676 Mileage expense 677 Miscellaneous expenses 684 Repairs expense-Computer Totals 5,600 38,879 2,525 ooooo 1,708 644 200 715 $101,879 $101,879 Business Solutions had the following transactions and events in December 2018. Dec. 2 Paid $970 cash to Hillside Mall for Business Solutions' share of mall advertising costs. 3 Paid $420 cash for minor repairs to the company's computer. 4 Received $4,250 cash from Alex's Engineering Co. for the receivable from November. 10 Paid cash to Lyn Addie for six days of work a 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $7,600 on a proposed project has been accepted. Alex's paid a $1,700 cash advance to Business Solutions. 14 Notified by Alex's Engineering Co. that Business Solutions' bid of $7,600 on a proposed project has been accepted. Alex's paid a $1,700 cash advance to Business Solutions. 15 Purchased $2,000 of computer supplies on credit from Harris Office Products. 16 Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $5,975 cash. 22- Took the week off for the holidays. 26 28 Received $3,200 cash from Gomez Co. on its receivable. 29 Reimbursed s. Rey for business automobile mileage (400 miles at $0.23 per mile). 31 The company paid $1,300 cash in dividends. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months: a. The December 31 inventory count of computer supplies shows $620 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, Lyn Addie has not been paid for four days of work at $125 per day. d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. f. Three of the four months' prepaid rent have expired. Required: 1. Prepare journal entries to record each of the December transactions and events for Business Solutions. 2-a. Prepare adjusting entries to reflect a through f. 2-b. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger. 3. Prepare an adjusted trial balance as of December 31, 2018 4. Prepare an income statement for the three months ended December 31, 2018 5. Prepare a statement of retained earnings for the three months ended December 31, 2018. 6. Prepare a balance sheet as of December 31, 2018. 7. Record and post the necessary closing entries as of December 31, 2018. 8. Prepare a post-closing trial balance as of December 31, 2018. Complete this question by entering your answers in the tabs below. Account Title Debit Credit Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciation Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Dividends Computer services revenue Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Prepare an income statement for the three months ended December 31, 2018. BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2018 Revenue Expenses Total expenses Prepare a statement of retained earnings for the three months ended December 31, 2018. BUSINESS SOLUTIONS Statement of Retained Earnings For Three Months Ended December 31, 2018 Retained earnings, October 1, 2018 Retained earnings, December 31, 2018 Prepare a balance sheet as of December 31, 2018. BUSINESS SOLUTIONS Balance Sheet December 31, 2018 Assets Total Assets Liabilities Total Liabilities Equity Total Liabilities and Equity Prepare a post-closing trial balance as of December 31, 2018. BUSINESS SOLUTIONS Post-Closing Trial Balance December 31, 2018 Debit Credit Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Totals 0 $
